The Centre comprises 13,216 sqm of gross leased area across three freestanding buildings with a combined total site area of 27,598 sqm, is 100%^ leased and has a WALE of 6.1 years^ (by income).

The Centre comprises 19 tenants, predominantly leased to national and ASX-listed tenants, including Amart Furniture, Forty Winks, Beacon Lighting, Bedshed, Trek, Anytime Fitness, PetO, and Barbeques Galore. The Centre benefits from high foot traffic volumes enhanced by its co-location with a new-format Bunnings Warehouse. The Centre is a modern, high-quality, warehouse retail centre strategically located in the major retail and commercial hub of Joondalup, one of Perth’s fastest-growing precincts with a younger, affluent demographic representing a strong market for large format retail tenants.

Joondalup is a major town centre c26km north of Perth CBD and is one of the most established and largest warehouse retail precincts in Perth, benefiting from strong population growth and surrounding major infrastructure (Edith Cowan University, Joondalup Health Campus, Lakeside Joondalup Shopping Centre, HBF Stadium, WA Police Academy and North Metropolitan TAFE).

Joondalup Square is the last asset acquired for the Strategy, Barings 4th Australia value add strategy since inception in 2010 focused on value add industrial, large format retail, and counter cyclical office investments.

Barings 5th Australia value add strategy, will target to be holding its 1st close in Q1 2025 which will be seeking to take advantage of the positive market dynamics in 2025.

Gareth Price, Managing Director, Capital Transactions at Barings said:

“We are delighted to acquire our first high-quality large format retail asset in Perth in the heart of the Joondalup retail precinct. We are attracted to the industrial-like characteristics of large land area, great access and visibility, buildings not over capitalised, quality tenants paying sustainable rent, and additional development potential.”

James King, Senior Director, Portfolio Management at Barings said:

“We are pleased to achieve this important milestone for our investors of the Strategy being fully invested. As a relatively sector agnostic investor, in the current market dynamics, we are continuing to see relative value opportunities across the major markets that our successor value add strategy will seek to take advantage of in 2025.”

Cygnet West and Colliers were the selling agents.

Wayne Lawrence, Partner at Cygnet West said:

“It is an absolute thrill to be capping off 2024 with the largest national Large Format Retail Centre transaction of the year.”

James Wilson, Head of Retail Middle Markets – Australia, Colliers said:

"Joondalup Square was the first metropolitan LFR Centre sold in 2024, as reflected by over $700 million in value of unsatisfied capital targeting the tightly held retail sub-sector.”

^As at 31 December 2024. This does not guarantee any result or ensure a profit or protect against loss of your investments.

About Barings
Barings is a US$431+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions. Learn more at Barings.com.

*As at 30 September 2024

In August 2022, Barings acquired Altis Property Partners, a leading Australian real estate firm, and rebranded as Barings Real Estate Australia (BREA).

Forward-Looking Statements
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